May. 11, 2022
Dear SEC, My name is Charles Young. I am a 64 yr old retiree from Brookings Oregon. I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund, with approximately $30 billion in AUM, hundreds of millions in daily trading volume, more than 850,000 investors, holding approximately 3.4% of all Bitcoins outstanding – into a Bitcoin Spot ETF. This year, GBTC has traded at an approximately 25% discount to its NAV, which means the price of GBTC is less than the price of its underlying assets, Bitcoin. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. Bitcoin is now considered a mature asset and investors should be able to access its true value in the form of an ETF managed by a reputable organisation with a history of working successfully with the SEC. The USA should be leading other countries with this type of investment offering. Other countries including Canada and Australia have approved spot Bitcoin ETF’s and their citizens are benefiting from the ETF structure while US citizens are not. I look forward to your approval of the GBTC conversion to a proper ETF. Sincerely, Charles M Young